The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-09-24
MEMPHIS FINANCES.
Interviews With Gentlemen Familiar
With the General Situation.
The Government Bond Purchase,
Moving Cotton Crop and s0Iv-
ency OF Local Hsstitu-
sfOns.

The announcement OF strlngency In
the money market, coming from New
York, and the action Of Acting Secre.
tary Thompson, Of the Treasury De.
partment, has been closely studied by
She 8uaDcisrs all over the country.
Memphis has experienced the effects
OF the tightness to q certain extent,
for some weeks past rates running O.
high as 10 per cent. The ruling rate
10 regular customers, however, hes
been 8 per cent. An ATRIAL reporter
yesterday interviewed the cashiers Of
the leading banks, propoundipg the
following questions to each: /. What
effect will tbs purchase iof bonds BY
the government have upon this mar.
ketf 2. Will not tho cotton nov
coming In iavorably affect this mar.
ket, and make money matters easy
within the next ten days2 3. What
is the general condition 90 to solvency
Of this market, and OF the merchsn,s2
The replIee were prompt and intelli-
gent, as follows:
EDWARD GOLDSMITH,
Of the German bank, said: ave did
not feel toe tlghtness 10 any great er.
tent. VIVA, did reach Us came as tho
result Of business men being unable
10 get the usual amount OF loans from
New York, aud they had to call on Us.
The purchase Of bonds will ease the
situation In New York and, conss.
quently, hero M we'll a. else where.
The moving clttoa crops will remove
the tightness here very percep tibly.
but hardly before thirty days baye
elapsed. The truth Of the matter is,
though, our merchants don't specu.
late q great deal. I consider the local
commercial community In q sound,
healthy condition"
n. g. BUcKIsoHAn,
OF the Slate National: IL think tbst n
q sufficient smount Of bonds w.fe
purchased by the government from
who would again lend
10 out, thu whole country would be
easy but l don't ses how the money
cal DO made easy by the poy.
ernmenl buying In small quantitiel
from individuals. Cotton will bring
more speedy and satisfactory relief
than the bond purchase. The situa.
hon here o. to tolvency 10 txceedipgly
gratifying"
wv. snULrR,
Of the First National: "The effect. no
lar ne We are concerned, will DO rather
allow, and depends upon whe,her the
holders will soil or not. We have
been able 10 accommodate all our Gus
lomere, bnt baye not sought outside |
paper. We expect better relief from
moving cotton much sooner than uau.
J, and more than from the pm chase
4 bonds by the government. Tnere
no better city Ia the Uniisd States
Dr. solvency than Memphie."
IA. osBERa,
the Bank OF Commerce: "What.
yer relieves New York will relieve
,. TIE money strinsenoy has been
D greater than lAst fall, and will not
o 40 long The rapid movement, of
,tton will bring relief earlier than
susl. As Tor boivency, there ~ no
e,,e,r city Ia the couutfy than Men,
his."
rHKoDoRE READ,
I the Union aud Pianters': "Any.
ling that eases tho tiiustion Ia Nov
ork has tendency 10 relieve Mem.
bile. Tho relief from the proposed ,
nrchs,e will be speedy, unlesa the
oldsre OF bonds conclude not to cell.
I'm the present receipts OF cotton We
Iill soon be perfectly at ease finan.
ally. Tie ellidity OF commercial In.
litutions Of Memphisia equal TO any
ity In the Unitsd Slaes. There "A
othing hhaky about them, and the
anks are notably substantial, The
hief factor la what little clossnesa We
ave iBlt here, was due 10 inability 20
ct TIE usud money from New York.
They, sitler couldn't got n, or
Eonldn'tttand the rate"
CT. RAINK.
II the Mercantile Bank. who ives con.
vtr'i1g with Mr. FL Gj,d NTH. when
interrupted by the reporter, ard head
nat X ntlcmAn's viewa. sid: III con.
mr. Va what NJ. q j.dtmih has int
old you about the purchase n bonde. |
We tavs had ample funds ier all
ate purposes, aud too Ne eau.
lie Bank hss never failed 10 . tisiy
ins'omsrs; IN fici, I regard the s.tuG.
ION ~ brighter aud bstteT than last
AL The snnual s.ringeacy lat year
'ccufred daring the irsi three weeks
u DC ober, aud the fqueeHs this wear
ZONES about that length oi time
sariier. Tue moving cotton crop will
loon bring an abundant nupply ui
money Tor al necessary and desirable
purposes. NJ city In the coustry IL
hyperion TO Memphis la the way a
'olvent commercial institutions"
a. H. hnTTH,
81 the Memphis National Bank; eli
Nev Yifk experiences reli, feom the
rurchss', We will naturally feel n In
Memphis. III the prreent receipts oi
cotton continue We will Aad more
peroept be relief from that source
han the bond purchase. The mer.
chsat' and bankers ui Msmphis are
iqnsiiy solvent with ihoso u auy city
In the country"
HENRY .. LYss,
Of the Memphis City Fire Banh;
'Wha'ovtr relieves New York has a
corftf ponding Ell @, on Msmphis aud
cther cliia having correspondent
mere The moving oution crop will
not relieve M much flr a few week.
Tor The rta'on that tho output II the
banks 70 gather the crop will oaspt
things Hlwoyer, the cloeenete will
gradually diappesr. Oar ba1ls aad
nerchanis arein q sound, healthy cor.
iition-in fact, the whole businfm
'ommunily--and proeptcs for fiue
all and winter businsfs srs excellent"
hylIDISo DANCER.
The Memphis VI airing House Ass,.
ilatiop, com loted Of tbs banks ~.